What is the 30-year fixed mortgage limit in Greater Chicago?

Effective January 2018, the limit on a conforming conventional loan for a one-unit property in the Greater Chicago market is $453,100.

Is a 30-year fixed loan right for me?

Typically, this is the best option if you plan to stay in your home for seven years or more, prefer a low fixed rate payment, and don’t mind taking a fairly long time to pay off your loan balance.

When is a 30-year fixed not the right choice?

If you plan on selling in less than seven years, an ARM may be the right choice for you as the payment and rate will be lower for the first five to seven years. Or, if you want to pay the loan balance at a quicker pace, consider a 15 or 20-year fixed. Keep in mind those payments will be higher since you’re paying your loan off quicker.